In most cases, high blockchain activity affects native token prices. However, Shiba Inu (SHIB) is experiencing a decline in network activity, raising concerns about its short-term potential.
Despite a recent spike in key metrics, SHIB has seen a decrease in online activity, zero balances, and new addresses. This decline indicates a lack of user engagement on the network, potentially leading to a bearish trend.
Decline in Shiba Inu Network Activity Raises Concerns
Recent data shows that active addresses, new addresses, and zero balances on the Shiba Inu network have all decreased over the past seven days. This decline in user participation suggests a lack of demand for SHIB.
The Network Value to Transactions (NVT) ratio has also surged, indicating that the network may be overvalued and inefficient in handling transaction volumes.
SHIB Price Prediction: Will Bulls Surrender?
Currently trading at $0.000015, SHIB has faced downward momentum despite previous bullish demand. Technical indicators like the technical oscillator and Money Flow Index suggest conflicting signals for SHIB’s price movement.
If the current trend continues, SHIB’s price may drop to $0.000012. However, if market participants continue buying the dip, the price could rise to $0.000019 in the near future.
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